Question

Please help! Don't have time. Due 11:59pm 02/29. Thank you!

Required information The Foundational 15 (LO4-1, LO4-2, LO4-3, LO4-4, LO4-5) [The following information applies to the questions displayed below.) Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted average method of process costing. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June): June 1 balance Work in Process-Mixing Department 35,000 Completed and transferred to Finished Goods 120, 205 80,500 98,000 Materials Direct labor Overhead June 30 balance The June 1 work in process inventory consisted of 5,100 units with $18,570 in materials cost and $16,430 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 60% complete with respect to conversion. During June, 37,600 units were started into production. The June 30 work in process inventory consisted of 8,200 units that were 100% complete with respect to materials and 50% complete with respect to conversion.

Answer 1

Unit completed and transferred out = 5100+37600-8200 = 34500

Equivalent unit of material = 34500+8200*100% = 42700

Equivalent unit of conversion = 34500+8200*50% = 38600

Cost per equivalent unit of material = (18570+120205)/42700 = 3.25

Cost per equivalent unit of conversion = (16430+80500+98000)/38600 = 5.05

11) Cost of ending WIP for conversion = 4600*5.05 = 23230

12) Cost material transferred to finished goods = 34500*3.25 = 112125

13) Cost of conversion transferred to finished goods = 34500*5.05 = 174225

14) Journal entry

Date	General Journal	Debit	Credit
	Finished goods (112125+174225)	286350
	Work in process		286350

15a) Total Cost to be accounted for = 35000+298705 = 333705

15b) Total Cost accounted for = 286350+47355 = 333705